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UPDATED: Apr 20, 2012
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Our budgeting calculator helps borrowers budget their expenses.
Based on the common 50/30/20 budgeting plan, this highly customizable budget calculator divides one’s monthly income into three categories: needs, wants, and savings.
According to the default settings, needs is allotted 50 percent of one’s monthly income, wants receives 30 percent of one’s monthly income, and savings gets 20 percent of one’s monthly income.
If those allotments don’t work for your particular situation, feel free to tweak those percentages in their corresponding green squares (but the total of all three categories must equal 100 percent for this tool to accurately calculate one’s budget).
Begin by entering your monthly income in the topmost field.
The budget calculator will then display how much you “should” be spending in each category. Those figures will be in green at the top of each of the three sections.
At the bottom of the needs and wants columns there will be a running total of how much money is left to be spent on those particular categories.
As you fill out your particular expenses for each field, you will notice that bottom figure decreasing. If you reach $0 (or less than $0), that running total will turn red as a warning that you have surpassed your allotted amount for that particular category.
Assuming you have money left over in both of the needs and wants categories, you should be on track to save money equal to or greater than the amount of savings displayed in the third column.
Similarly, if you have a positive number remaining in the needs and wants categories, you can afford to take out a personal loan carrying a monthly payment of the combined leftover total.
Click on the “apply for a personal loan” button below the results in the savings column if you are interested in financing money.